DIPS vs. SPUS
DIPS (YieldMax Short NVDA Option Income Strategy ETF) and SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index. DIPS is actively managed, while SPUS is passively managed. Over the past year, DIPS returned -6.33% vs 21.18% for SPUS. Their -0.71 correlation means they have often moved in opposite directions in the past. DIPS charges 0.99%/yr vs 0.45%/yr for SPUS.
Performance
DIPS vs. SPUS - Performance Comparison
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Returns By Period
In the year-to-date period, DIPS achieves a -2.02% return, which is significantly lower than SPUS's 9.87% return.
DIPS
- 1D
- 3.69%
- 1M
- -0.09%
- 6M
- -4.39%
- YTD
- -2.02%
- 1Y
- -6.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -27.60%
SPUS
- 1D
- -0.13%
- 1M
- 0.24%
- 6M
- 7.60%
- YTD
- 9.87%
- 1Y
- 21.18%
- 3Y*
- 19.86%
- 5Y*
- 14.36%
- 10Y*
- —
- ALL TIME*
- 17.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $196.79K | $290.50K | $257.00K | |
| $20.87M | $21.45M | $26.76M |
DIPS vs. SPUS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -2.02% | -31.46% | -22.13% |
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF | 9.87% | 19.77% | 5.39% |
Correlation
The correlation between DIPS and SPUS is -0.70, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.70 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | -0.71 |
The correlation between DIPS and SPUS has been stable across timeframes, ranging from -0.71 to -0.70 - a consistent structural relationship.
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Return for Risk
DIPS vs. SPUS — Risk / Return Rank
DIPS
SPUS
DIPS vs. SPUS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DIPS | SPUS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.24 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 2.00 | -2.24 |
| Martin ratioReturn relative to average drawdown | -0.61 | 7.00 | -7.61 |
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Drawdowns
DIPS vs. SPUS - Drawdown Comparison
The maximum DIPS drawdown since its inception was -59.93%, which is greater than SPUS's maximum drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for DIPS and SPUS.
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Drawdown Indicators
| DIPS | SPUS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -30.80% | -29.13% |
Max Drawdown (1Y)Largest decline over 1 year | -26.20% | -10.66% | -15.54% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.82% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.06% | — |
Current DrawdownCurrent decline from peak | -52.60% | -5.95% | -46.65% |
Average DrawdownAverage peak-to-trough decline | -39.28% | -6.17% | -33.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.47% | 3.03% | +7.44% |
Volatility
DIPS vs. SPUS - Volatility Comparison
YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 9.33% compared to SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) at 4.06%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than SPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DIPS | SPUS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 4.06% | +5.27% |
Volatility (6M)Calculated over the trailing 6-month period | 22.66% | 12.48% | +10.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.17% | 15.57% | +13.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.63% | 19.44% | +18.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.63% | 21.24% | +16.39% |
DIPS vs. SPUS - Expense Ratio Comparison
DIPS has a 0.99% expense ratio, which is higher than SPUS's 0.45% expense ratio.
Dividends
DIPS vs. SPUS - Dividend Comparison
DIPS's dividend yield for the trailing twelve months is around 61.70%, more than SPUS's 0.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 61.70% | 96.20% | 24.18% | 0.00% | 0.00% | 0.00% | 0.00% |
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF | 0.55% | 0.60% | 0.70% | 0.87% | 1.21% | 1.15% | 1.04% |
Frequently Asked Questions
DIPS and SPUS have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIPS has higher volatility (9.33%) compared to SPUS (4.06%). In terms of maximum drawdown, DIPS dropped -59.93% vs SPUS's -30.80%.
On 1-year performance, SPUS leads with 21.18% vs -6.33% for DIPS. On fees, SPUS is cheaper at 0.45% per year. On volatility, SPUS has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPUS has performed better with a 21.18% return vs -6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUS is cheaper with a 0.45% expense ratio, compared with 0.99% for DIPS.
DIPS has the higher dividend yield at 61.70%, compared with 0.55% for SPUS.
DIPS is categorized as Derivative Income, while SPUS is S&P 500. They also come from different issuers: YieldMax and SP Funds. Their fees differ too: 0.99% for DIPS and 0.45% for SPUS.
SPUS currently has the higher Sharpe Ratio (1.37 vs -0.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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